Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "Transdermal Drug Delivery Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The transdermal drug delivery devices market is growing at a CAGR of 9.8% during the forecast period from 2024 to 2030
The demand for transdermal drug delivery devices is primarily witnessing growth on account of the increasing prevalence of chronic conditions, increase in adoption of third-generation transdermal drug delivery devices, technological advancements observed in the device, and the use of these devices from hormonal disorders to cardiovascular conditions and pain management.
Transdermal Drug Delivery Devices Market Dynamics:
According to the American Heart Association 2022, globally, about 244.1 million people were living with coronary (ischemic) heart disease in 2020. As per the same source, North Africa, the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of coronary (ischemic) heart disease in the world in 2020.
According to Alzheimer 's Disease International 2020, worldwide more than 55 million people were suffering from dementia in 2020. The numbers are expected to double every 20 years, reaching 82 million in 2030 and 152 million in 2050.
According to the Migraine Research Foundation, in 2020, migraine accounts to be the third most prevalent illness in the world. It is an extraordinarily prevalent neurological disease, affecting 39 million men, women, and children in the US and 1 billion worldwide. Hence, due to an increase in the number of cases of chronic diseases such as central nervous system disorders, cardiovascular diseases, and others, there will be an increase in demand for transdermal drug delivery devices, fueling the market for transdermal drug delivery devices.
However, certain disadvantages associated with transdermal drug delivery devices such as irritation at the site of application and edema, and certain drugs carrying hydrophilic structures tend to penetrate the skin slowly and do not achieve actual therapeutic levels. These factors are expected to limit the market growth over the forecast period.
Transdermal Drug Delivery Devices Market Segment Analysis:
Transdermal Drug Delivery Devices Market by Type (Drug-In-Adhesive Patches, Matrix Patches, Reservoir Membrane Patches, and Microneedle Patches), Application (Pain Management, Hormonal Applications, Central Nervous System Disorders, Cardiovascular Diseases, and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In the application segment of the transdermal drug delivery devices market, pain management can be expected to achieve the largest market share. The reason for this is the rising burden of chronic pain conditions worldwide and the rising availability of transdermal products in the field of pain management.
According to the Centers for Disease Control and Prevention (CDC)/National Center for Health Statistics 2020, about 20.4% of adults had chronic pain in 2019 in the US. As per the same source, 7.4% of adults had chronic pain that frequently limited life or work activities (referred to as high-impact chronic pain) in the past 3 months.
Pain affects the quality of life of a person and interferes with the daily activities of an individual. Transdermal drug delivery devices can help in the effective management of pain.
The rise in the prevalence of chronic pain conditions will demand more transdermal drug delivery devices for the management of pain, thereby fueling the transdermal drug delivery devices market growth.
North America is expected to dominate the Overall Transdermal Drug Delivery Devices Market:
Among all the regions, North America is expected to account for the largest share of the transdermal drug delivery devices market. This can be attributed to the rising prevalence of chronic pain, central nervous system disorders, and cardiovascular disorders in the region, the rising use of contraceptives, and the increase in research-related activities of transdermal drug delivery systems are predicted to be the major influencing factors in driving the overall growth of the market over the forecast period.
The American Heart Association in 2021 projected that by 2035, more than 130 million US adults will have some type of heart disease.
As per the data provided by the Alzheimer Association (2023), more than 6 million Americans are living with Alzheimer's. By 2050, this number is projected to rise to nearly 13 million. The Parkinson's Foundation 2022 data states that every year 90,000 people are diagnosed with Parkinson's in the United States.
The rise in the number of chronic conditions in North America can be thought of to cause a surge in the transdermal drug delivery market within this region.
Transdermal Drug Delivery Devices Market Key Players:
Some of the key market players operating in the transdermal drug delivery devices market include Hisamitsu Pharmaceutical, Mylan, UCB SA, Novartis, GlaxoSmithKline, Boehringer Ingelheim, Johnson & Johnson, Endo International, Purdue Pharma, Bristol-Myers Squibb Company, Endo Pharmaceuticals Inc., Acrux Limited, Lavipharm, Lead Chemicals Co. Inc., Luye Pharma Group and others.
What are the drivers for transdermal drug delivery devices?
The major drivers driving the demand for transdermal drug delivery devices are the rising prevalence of chronic conditions, rising adoption of third-generation transdermal drug delivery devices, increase in technological advancements observed in the device, and the use of these devices from hormonal disorders to cardiovascular conditions and pain management.
Who are the key players operating in global transdermal drug delivery devices?
Some of the key market players operating in the transdermal drug delivery devices market include Hisamitsu Pharmaceutical, Mylan, UCB SA, Novartis, GlaxoSmithKline, Boehringer Ingelheim, Johnson & Johnson, Endo International, Purdue Pharma, Bristol-Myers Squibb Company, Endo Pharmaceuticals Inc., and others.
Which region has the highest share in the transdermal drug delivery devices market?
North America is expected to dominate the overall transdermal drug delivery devices market during the forecast period, 2024 to 2030. This domination is due to the rising prevalence of chronic pain, central nervous system disorders, and cardiovascular disorders in the region, the rising use of contraceptives, and the increase in research-related activities of transdermal drug delivery systems in the North American region.
Transdermal Drug Delivery Devices Company Profiles
- Hisamitsu Pharmaceutical
- Mylan
- UCB SA
- Novartis AG
- GSK plc
- Boehringer Ingelheim
- Johnson & Johnson
- Endo International
- Purdue Pharma
- Bristol-Myers Squibb Company
- Endo Pharmaceuticals Inc.
- Acrux Limited
- Lavipharm
- Lead Chemicals Co. Inc.
- Luye Pharma Group
For more information about this report visit https://www.researchandmarkets.com/r/bb6wch
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